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Police seized a HK$2.8 million haul of electronics and valuable stones that were being smuggled to the mainland on Wednesday night, after a 5km high-speed chase with a boat in eastern Hong Kong waters.

But the people aboard another boat involved managed to escape and head back to the mainland.

The haul, including new digital cameras and lenses, used mobile phones and iPads and amber stones used in jewellery, was found hidden in the secret compartment of the speedboat that was intercepted off Ng Fan Chau near Shek O, according to police.

Officers arrested a Hongkonger aboard the eight-metre-long boat. The 32-year-old man was arrested on suspicion of smuggling. The crime, exporting unmanifested goods, carries a maximum penalty of seven years in jail and a HK$2 million fine.

Police officers kept a watch on the Hong Kong-registered speedboat from when it left Shau Kei Wan typhoon shelter on northern Hong Kong Island at about 7pm on Wednesday.

Another speedboat carrying three men was spotted entering Hong Kong waters at the same time, according to police.

“After the two boats met north of Sung Kong [island] near Waglan Island, boxes of goods were being unloaded from the Hong Kong-registered speedboat to the other,” a police source said. Waglan Island is one of the easternmost islands in Hong Kong waters.

As police vessels moved in, the two speedboats sped off in different directions.

The source said the Hong Kong-registered speedboat was making a U-turn heading towards Shek O but was intercepted off Ng Fan Chau. Those aboard the other boat managed to leave Hong Kong waters and head for the mainland.